Hong Kong developers ramp up sales as buyers cheer signs of easing in US-China trade tensions
- Buyers snapped up more than 700 new homes during weekend sales amid signs of an easing in Washington-Beijing tensions
- Developers ramp up sales and marketing efforts to catch the sudden U-turn in sentiment
Property developers are preparing to accelerate the marketing of new projects, taking advantage of brightening market sentiment after an apparent warming in relations between the US and China following weekend talks at the Group of 20 summit in Japan.
At last weekend’s sales, buyers snapped up almost 700 flats at projects that included Wheelock Properties’ Grand Montara in Tseung Kwan O and Wing Tai Properties’ Oma Oma in Tuen Mun.
Agents attributed the buoyant reception to improved prospects for a resolution of US-China trade tensions.
“Sales in July will rise as [major] developers have started to launch new projects recently,” said Wong Leung-sing, senior associate director of research at Centaline Property Agency. “Developers suspended launches of major projects after the US-China trade war worsened in May and prospects of the housing market became uncertain.”
The number of new private homes sold in June plummeted to 1,112 units, reflecting a drop of 65.3 per cent year-on-year, according to Centaline.
